Abu Dhabi Global Market (ADGM), the UAE capital’s international financial centre, has sustained its remarkable growth, recording exceptional performance in the first half of 2024.
As the region’s fastest-growing financial centre and the only jurisdiction directly applying English Common Law, ADGM’s ongoing successes and strategic initiatives have been pivotal in driving Abu Dhabi’s financial sector forward.
ADGM’s momentum has notably enhanced the financial sector’s contribution to Abu Dhabi’s non-oil economy, which grew to 9.7 per cent in Q1 2024. The centre is increasingly a global magnet for asset management firms, top talent, and investments, reinforcing Abu Dhabi’s position as the ‘Capital of Capital’.
Ahmed Jasim Al Zaabi, Chairman of ADGM, commented, “ADGM’s significant growth in the first half of 2024 strengthens Abu Dhabi’s role as a leading hub for global, regional, and local corporations and financial institutions. Our strategies are aligned with Abu Dhabi’s visionary leadership, positioning the UAE’s capital as a top international financial centre. By fostering a dynamic ecosystem and pursuing innovation and excellence, we are proud to be on track with the ADGM Growth Strategy 2023-2027, underscoring the rapid expansion of Abu Dhabi’s financial industry.”
A key factor in ADGM’s growth during H1 2024 is the increase in operational entities, which rose to 2,088, including 231 financial services entities—a 31 per cent increase compared to H1 2023.
ADGM’s asset management sector has also thrived, with Assets Under Management (AUM) growing by 226 per cent in the first half of 2024 compared to the same period last year. By June 2024, 112 fund and asset managers were operating within ADGM, managing 141 funds.
